Invinity Energy Systems plc

Good afternoon and welcome to the Inversi Energy Systems TLC interim results investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives in the meeting itself. However, the company can review all questions submitted today and publish responses which is appropriate to do so. Before we begin, I would like to submit the following poll, and I would now like to hand you over to CEO Jonathan Maron. Good afternoon to you.

Great. Many thanks. And welcome, everybody. Welcome to our 2025 interim results presentation. Delighted to have you all here today. The results were released a week on Monday, so they've been with you for a while. We're going to start this session with a brief canter through of the results from Adam, our CFO, because obviously that is the direct topic of this. But we've been having a number of institutional meetings yesterday and today and Monday, sorry, and Tuesday. And understandably, most of the questions are around where we're heading as a strategic basis and an awful lot of news flow that's come out in recent weeks and months. And we're going to talk about that and happy to take your questions afterwards. So, Adam, if I will, I'm going to hand over to you to talk through the interim results.

Good afternoon, everybody. I'm going to start by going through the key financial highlights in a little bit more detail on the P&R balance sheet and pass across from the balance sheet. So, looking at the first half, trading in line with expectations, we launched in June at the back end of last year and signed 12 MWh of orders in the first half. That's up from 4 MWh in the same period last year. second half weighted this year. We recognised £2 million in revenue and grant income driven largely by the LODES project funding. Our operating loss was down 10%. That's a combination of recognition through LODES and also reduction in our administrative expenses. The group is debt free, just shy of £40 million cash at the end of September with a £20 million order for the full year. And looking at what's happening on the P&Ls here, about 2 million revenue from the grant income, 1.7 million of that was low-dose grant funding, recognising through the P&L what's not capitalised in terms of units themselves. You will see a slight tick in the gross loss, that's reflecting our running costs spread across lower production volumes, and also includes warranty costs, which also include the DCDCs that are being reflected by the supplier. Slight reduction in overheads, as I said, which has been supported by our R&D recoveries out in Canada, and so taken together, a reduced operating loss of 10 million compared to 11 million in the period last year. So looking more on the balance sheet and what's happening there, so we'll see an uptake in our inventory and prepaid inventory to 40 million compared to 6 million this time last year. That's a reflection of LODES, HRTT, the US project we announced back at the beginning of the year, and STS, the Hungarian project. Importantly, there is debt financing sitting behind the SDS project as well, which is also important as we scale these into these larger projects for cap and floor. So what you'll see in the bottom left-hand corner is a build-up of that inventory there in Motherwell, ready to be shipped out for loaders. We'll see some DESNES claim accrual on the balance sheet. That's cash that has since been received. So, as I say, taken together with the £25 million raise that we recently closed, just under £40 million of cash, which is the company that Looking at outlook for the full year, so with the 20 million order book, there is some risk within that, around 10% of that subject to customer NTPs, and then we need to close out another 5 million of near-term contracts to get to the maximum potential revenue and grant income for the year of 25 million. We're broadly categorising our pipeline into three main areas. One is order book, so that's signed contracts with customers that are either unconditional or subject to a customer NTP. And the second is near-term contracts, so projects that we're expecting to close out in the next month, in the next quarter, which are in the final contracting stage, so without risk. And then the last category is our development pipeline. So those are people who have bid into a procurement scheme like Captain Florida UK or other schemes in North America, Canada, with our technology, or submitted planning permission on a project with our technology. So with that, I'm going to pass across to Jonathan.